Consider the case in which state and local Government across the United States collected or spent the following amounts classified as shown (all figures in billions of dollars for the most recent fiscal year )
Property tax-$ 175
Education-430
User's fee-25
Highways-88
Sales and gross receipts taxes-125
Public safety-80
Environment and housing-78
Miscellaneous general revenue-200
Individual income taxes-70
Corporate income taxes-15
Governmental administration interest on debt-104
Internal government funds transferred from the federal government-150
General miscellaneous expenditures-75
What was the total revenue total expenditures for the state and local government combined? Was the state local government sector running an overall deficit or surplus in its combined budget? Will borrowing likely be necessary to finish out the current fiscal year?